Karnataka firm owner held for duping investors from Indore of Rs 6 crore

Indore, Oct 13 (PTI) The Madhya Pradesh police on Monday arrested the owner of an investment consultancy firm in Karnataka for allegedly defrauding investors from Indore of around Rs 6 crore, an official said.

Additional Deputy Commissioner of Police, Indore's Crime Prevention Branch, Rajesh Dandotiya, said the accused, Ghulam Moinuddin (40), was arrested in Bengaluru following a complaint from local investors.

The accused, a resident of Karnataka, was operating an investment advisory firm from there, he said.

The official said that Moinuddin allegedly cheated five people from Indore of approximately Rs 6 crore by luring them with promises of substantial profits on investments in the stock market.

"Investors were told that they would be able to double their money in three to four months by investing in the stock market," he said.

Dandotiya said the accused is being interrogated, and the police are also probing into his movable and immovable assets. PTI HWP MAS ARU